Premiums for individual health care plans purchased through the Affordable Care Act’s insurance marketplace in Illinois could increase by an average of 43 percent to 55 percent.
That’s according to health care rate filings the Illinois Insurance Department submitted Wednesday to the federal government.
The state’s Insurance Department reports that the average rate for the second least-expensive silver plan, which is used as the benchmark for determining subsidies, could shoot up 43 percent in Illinois.
Average rates could also increase by 44 percent for the cheapest bronze plan, 45 percent for the cheapest silver plan and 55 percent for the cheapest gold plan.
Subsidies are expected to lessen the blow of rate increases for most consumers, according to the Obama administration.
Meanwhile, fewer health care coverage options are available for Illinois consumers in 2017. Just six insurers are offering plans to individuals in 2017 after Aetna, Land of Lincoln Health and UnitedHealthcare left the Illinois marketplace over cost concerns.
Illinois Gov. Bruce Rauner weighed in on the proposed rate hikes, which will be finalized by the federal government in October.
“It’s very unfortunate that the major structural flaws in the Affordable Care Act are forcing higher rates and harming the Illinois families who need coverage the most,” he said in a statement. “It is clear that Congress must enact smarter policies that truly provide better choices for Illinois residents.”
The ACA’s Open Enrollment Period for 2017 starts November 1.